Image credits: PEMEX
Weekly Roundups

AMLO Changes PMI Personnel

Thu, 05/27/2021 - 17:25

President López Obrador has announced that he will designate new leaders within PEMEX´s international trading division, known as PMI. The president claims that the change happened because some of the people in positions of leadership within PMI had been there since the Carlos Salinas de Gortari presidential administration in the early 90s, and this called for an act of renewal, reports Contralínea. Current PEMEX director Octavio Romero Oropeza also announced that the entire division has been restructured so as to reduce its unmonitored connections to international financial institutions and prevent foreign capital rerouting. He also said that possible financial crimes committed at PMI in previous administrations are currently being investigated. 

Ready for More? Here’s the Week in Oil & Gas!

PEMEX Buys New Refinery

President López Obrador announced that PEMEX bought Shell’s 50 percent ownership stake of the Houston-based Deer Park refinery. PEMEX had already owned half of the refinery The purchase was valued at US$600 million. According to the president, Deer Park has the capacity to process 340,000 daily barrels of crude into fuel and diesel. The Deer Park refinery is supposed to have the same capacity as the refinery being built in Dos Bocas. The president said this purchase was made without issuing additional debt but through PEMEX’s available investment capital.

Accenture Study Claims Most Companies Follow but Don’t Lead Energy Transition

An extensive study by Accenture attempts to measure and organize the various ways in which 179 oil and gas companies tackle the energy transition and their corresponding need to expand the reach of their business model. The study measures the planned reinvention of these companies on the bases of five categories, which it calls its “5Cs” approach: competitiveness, connectivity, carbon, customer and culture. The study considers these categories to determine a score out of 100 for each company, which it calls that company’s “Oil and Gas Reinvention Index” (RI). Depending on their RI, companies would fall into three categories: leaders, followers and laggards. Eighteen companies turned out to be leaders, representing the top ten percent of RI scores, with an average RI of 77. The vast majority of companies surveyed, 117 to be exact, were categorized as followers, which meant that “they are taking some steps to fundamentally change their business or operating model but falling short of true reinvention.” The 44 remaining companies were categorized as laggards and represent the bottom 25 percent of RI scores, with an average RI of 58.

PEMEX Claims Majority of Zama Resources

PEMEX reports that a third-party study has determined that the majority of hydrocarbon resources available at the Zama reservoir belongs to the NOC. This claim was made in PEMEX´s recent report to the SEC, which states that this study was made back in November of last year, and that it granted them 50.43 percent of Zama’s resources within the limits of their Uchukil field. The remaining 49.57 percent belongs to Talos Energy, the American operator who originally discovered the reservoir when exploring their Block 7, which borders Uchukil.

Yucatan Still Offers Natural Gas Opportunities: TC Energy

Demand for natural gas in Mexico’s Yucatan Peninsula and the potential to export liquefied natural gas (LNG) offer great potential to grow TC Energy’s natural gas network in Mexico. Stan Chapman, President of US and Mexico for Natural Gas Pipelines of TC Energy, explained there are specific opportunities in these areas for the country’s wider oil and gas industry during a conference call on May 7. “I think that there is a potential need for additional demand into the southeast portion of Mexico into the Yucatan Peninsula and we are somewhat uniquely situated to potentially serve that via an extension of our Sur de Texas pipeline,” Chapman said in the call.

The data used in this article was sourced from:  
MBN, Contralínea
Photo by:   PEMEX